By Paras Ramoutar, IANS
Port of Spain : After a “good response” at the newly opened branch here on Bankers’ Row, Bank of Baroda (BOB) managing director Kishore Kharat said the bank wants to open branches in San Fernando and Chaguanas by mid 2008.
Describing BOB as a “full-fledged bank catering to small and middle enterprises”, Kharat told the media that the bank has employed 15 local people, who are being trained by its experts from India.
“We have expertise in catering to middle-income and corporate clients, and in facilitating import and export,” he pointed out.
Kharat said trade and investment between India and Trinidad and Tobago would increase as a result of the bank’s presence in the local market.
BOB will be instrumental in facilitating trade, which could lead to more foreign funds coming into the country, he said.
“Strong local businesses can come to us for financing and not go overseas,” he pointed out, adding that BOB was eager to work with local banks on funding local expansion projects.
“Although we have bought out financial companies in other countries in which we operate, we do not plan to do that here,” Kharat asserted.
“Trinidad and Tobago is undergoing massive expansion and is one of the world’s fastest growing economies at present. Trade policies which the government is embarking upon are very encouraging to foreign direct investment,” he said.
These policies, he said, are also attuned to the country’s desire to become the financial capital of the region.
Soon this country will be catering to the financial needs of regional and international businesses and there will be need for more banks, including international ones. This is a niche that BOB can capitalise on, given its global reach, he pointed out.
With the opening of the Port of Spain branch, BOB now has a presence in 22 countries, with 64 offices and an asset base in excess of $100 billion.
“Trinidad and Tobago right now is connected globally with all our branches, and this means that a customer can transact business in any country we are located in right from Port of Spain,” Kharat noted.